How to curtail the risk element in your decisions.

“How do I know it will work? Why should I take on the client?”

As a mentor, I am asked this question repeatedly under different guises, and it came up again twice this week going around Israel. An alternative version to the same problem: “Why should invest valuable resources on this client when I can be looking for others?”

The bland answer is nobody can predict the future. But that is not a response I can offer when faced by a very concerned CEO. Fortunately, there is help at hand with a growing academic literature on the subject.

For example, the latest posting at “Guerrilla Consultant” observes that in managing sales process, there are at least 5 perceived challenges:

  • Handling the perceived risk
  • Responding to new decision makers
  • Creating a persuasive “win theme”
  • Understanding how your clients operate
  • Not making a fool of yourself

The article is definitely worth reading in full. One point stood out for me:

Resist the urge to cover every base. Use your interviews and sales meetings to pinpoint your buyer’s perception of risk. Be candid about your views on the potential risks your buyer faces and, chances are, your buyer will reciprocate.

 Then, create a communication approach that provides compelling evidence for how you will address each specific risk.

That means you have to understand the buyer’s perception of risk, whether you think those views are valid or not.

The theory is great, but what about the practice? Are there any actual tools out there to help our CEOs?

For the past few months, I have been associated with Wyndarra Solutions, a small and growing Australian outfit. Applying knowledge learnt from clients, they have developed a web-based software, which offers practical support to senior decision makers.

The market for their technology is evident. Wyndarra has now extended its operations into Europe.  A press release explains why. 

Leading market research companies, including Gartner, Forrester and McKinsey all provide coverage of these new Risk Management tools and its International Standards and compliance methodologies.

Using Wyndarra or a similar application, management can now evaluate risk in a more secure manner.

Explore posts in the same categories: Business, Israel

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One Comment on “How to curtail the risk element in your decisions.”

  1. […] This post was mentioned on Twitter by Siu Ling Hui, michaelhoresh. michaelhoresh said: How CEOs are finding new tools to handle risk management: […]

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